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					</table><p>U.S.-based <a href="https://www.hecateenergy.com/" target="_blank" rel="noopener">Hecate Energy</a>, a developer of renewable projects and provider of energy storage solutions, closed a five-year $550 million credit facility package, including a $250 million term loan and $300 million Letter of Credit facility.</p>
<p>The credit facility will support Hecate’s plans to expand its solar and energy storage project pipeline.</p>
<p>The new facilities will be collateralized with the company’s approximately 35 GW development pipeline comprising over 125 projects across ten power markets in North America, along with its minority ownership interests in Hecate Grid.</p>
<p>Hecate Grid is a developer, owner, and operator of standalone storage projects in the U.S. The platform is jointly owned by Hecate Energy and InfraRed Capital, a $10-plus billion infrastructure fund.</p>
<p>The proceeds from the term loan helped refinance an existing loan facility at a lower cost to Hecate, and the letter of credit enables it to issue numerous grid interconnection and power purchase agreements that will support its target of achieving sales of over 5 GW annually.</p>
<p>CEO of Hecate Energy, Chris Bullinger, said, “Support from these leading international financial institutions validates Hecate’s approach to renewables development and will accelerate our drive to deploy significantly more efficient and cost-effective renewable energy and storage solutions across the United States.”</p>
<p>Fred Petit, Co-Head of Investec’s North American Power &amp; Infrastructure Coverage, said, “We worked with the company to identify a syndicate of lenders that could deliver on a well-structured transaction to support one of the largest pipelines of solar and energy storage assets in the U.S. This financing demonstrates Investec’s continued commitment to the energy transition sector, our strong distribution capabilities, and ability to meet our clients’ objectives.”</p>
<p>Over the last eight years, the company has executed over 36 power project transactions, totaling more than 6,500 MW of capacity.</p>
<p>In May 2021, Spanish energy company Repsol agreed to <a href="https://mercomindia.com/funding-and-ma-roundup-solar-cell-manufacturer-exeger/" target="_blank" rel="noopener">purchase</a> a 40% stake in Hecate energy. The acquisition was aimed at helping Repsol expand its presence in America’s renewable energy market.</p>
<p>In August 2021, Greenbacker Renewable Energy, through a wholly-owned subsidiary, <a href="https://mercomindia.com/project-finance-brief-opdenergy-spanish-portfolio/" target="_blank" rel="noopener">purchased</a> two utility-scale solar projects – Hecate Energy Albany 1 (20 MW) and Hecate Energy Albany 2 (20 MW) – totaling 40 MW from Hecate Energy.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Hecate Energy Secures $550 Million to Support Renewables Expansion


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					</table><p>Renewable energy producer <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Energy Global</a> announced that it had refinanced its 2024 maturity dollar-denominated bonds with amortizing project debt from an Indian non-banking financial company (NBFC).</p>
<p>By refinancing the dollar-denominated bonds ahead of time, ReNew said it had shown strong and continued access to domestic debt and an ability to proactively manage the risk of refinancing.</p>
<p>ReNew claimed it is the first Indian renewable energy company to raise money onshore to retire its dollar-denominated bonds.</p>
<p>ReNew issued bonds worth $525 million in 2019, which were set to mature in 2024. The refinancing has cut the bonds&#8217; Indian rupee interest cost by 200 basis points, with the interest rate fixed for three years while pushing the maturity to the end of the fiscal year 2027.</p>
<p>The rate reduction, rate fixing, and tenor extension have taken place against a rising interest rate environment in the broader markets. The company said this pre-emptive refinancing has mitigated near-term refinancing risk for bonds and provides liquidity to bond investors.</p>
<p>&#8220;As we help spearhead India&#8217;s energy transition, we have mitigated refinancing risk without depleting the company&#8217;s growth capital and will continue to look at multiple pools of capital to further abate refinancing risk,&#8221; said Kedar Upadhye, CFO, ReNew.</p>
<p>In January, ReNew announced that its wholly-owned subsidiary India Clean Energy Holdings, <a href="https://mercomindia.com/renew-power-raises-millions-green-bonds/" target="_blank" rel="noopener">raised</a> $400 million by issuing senior secured dollar notes. Climate Bonds Initiative certified the notes as green bonds. The bonds have a tenor of 5.25 years.</p>
<p>ReNew&#8217;s total portfolio across the utility-scale wind, solar and hydro projects recently surged over 25% to ~12.8 GW from 10.2 GW. In June this year, ReNew <a href="https://mercomindia.com/renew-power-acquire-wind-solar-projects/" target="_blank" rel="noopener">signed</a> definitive agreements to acquire over 500 MW of wind and solar projects.</p>
<p>ReNew, Adani Green, and Azure were the <a href="https://mercomindia.com/renew-adani-azure-top-utility-solar-developers-2021/" target="_blank" rel="noopener">top</a> three utility-scale solar developers in 2021.</p>
<p>ReNew also signed 2.5 GW of power purchase agreements that comprise 1.6 GW for new projects and 528 MW of acquisitions, thus bringing the gross portfolio to 12.8 GW.</p>
<p>The company also <a href="https://mercomindia.com/renew-power-increase-module-manufacturing/" target="_blank" rel="noopener">increased</a> its module manufacturing capacity to 6 GW anticipating opportunities to capitalize on higher return development projects as a module shortage is expected to emerge in India shortly.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/vijayalakshmi-sridhar/" class="vcard author" rel="author"><span class="fn">Vijayalakshmi Sridhar</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/New-Project-6.jpg" width="77" height="102" /> <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">Vijayalakshmi</a> is a staff reporter at MercomIndia.com. She has two decades of experience as an independent journalist and features writer, and her work is featured across various publications and genres such as business, food, and clean energy. <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">More articles from Vijayalakshmi</a>.</p>
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ReNew Energy Refinances its Dollar-Denominated Bonds from Indian NBFC

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